Jacksonville Police & Fire commits $15m to real estate fund, posts fiscal-year returns
The Jacksonville Police and Fire Pension Fund has committed $15 million to Ares US Real Estate Opportunity Fund IV (AREOF IV).
Managed by Ares Management, AREOF IV is seeking $3 billion of capital and will invest opportunistically in United States noncore real estate markets, with a strategy to enhance, renovate and reposition existing assets; to complete development projects; and to seize opportunities in distressed and special situations.
AREOF IV will invest in real estate sectors including multifamily, industrial, hospitality, triple-net lease, student housing and life sciences.
The $2.45 billion Jacksonville Police and Fire Pension Fund generated a return of 10.96 percent for the fiscal year that ended on June 30, outperforming its benchmark of 9.76 percent.
Over the past three, five and 10 years, the pension fund has yielded annualized net returns of 7.83 percent, 6.50 percent and 7.37 percent, respectively, compared with their respective benchmarks